Rental savvy, meet tech savvy.
(Below) Detroit’s population peaked with the U.S. auto industry in the 1950s and has been dropping steadily since that time. However, thanks to a new infusion of economic capital and deliberate, strategic economic investments from companies like Quicken Loans, the localized economy and real estate market are experiencing new, likely sustainable growth.
turn into ghost towns and no amount of fighting will change this. For example, former mining town Bodie, California, really didn’t stand a chance in the 1940s when the last residents departed the area and the post office shut down. What Bodie lacked, an involved and motivated local govern- ment and population, will almost always be a key indicator for economic revitalization. There are two primary ways to spot evidence of this vital characteristic: 1. Read the community masterplan and then look for signs of stated goals in that plan being accomplished For example, popular projects in these plans include im- proving walkability, creating business incubators, and courting STEM (science, technology, engineering, math) employers. Look for physical proof that the concepts outline in the plan are shifting toward reality. Community masterplans usually are available online and to the public. If a struggling community lacks a master- plan, consider it a warning sign.
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Carole VanSickle Ellis is the editor of Think Realty Magazine. She can be reached at cellis@thinkrealty.com.
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